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The Milady NFT project has been marred by a recent exploit. A rogue developer reportedly managed to divert $1 million of fees and disappeared, casting a cloud of uncertainty over the project and its investors. The Milady NFTs had been in the limelight since early May, following a tweet from tech mogul Elon Musk. This endorsement led to a surge in the project’s trading volume and an expansion of its community.
However, the recent incident has raised concerns about the project’s security and integrity. NFT analyst Tyler D brought to light the unsettling event within the Milady ecosystem. He reported that a developer had allegedly made off with approximately $1 million in fees that were meant for the project. This individual also reportedly compromised the Twitter accounts of Milady and Remilio Baby, a popular NFT collection on the Milady platform, along with the Remilia account.
Charlotte Fang, the co-founder of Remilia Corporation, the organization behind the Milady collection, addressed the situation via a tweet. She confirmed the diversion of $1 million in fees generated by Remilia and reassured the community that the Bonkler reserves, main contract, and NFTs were still secure. In response to the exploit, Fang temporarily suspended Bonkler’s daily minting process and shared plans for a future upgrade.
She underscored the safety of all Remilia NFTs, metadata, and domains. Despite the rogue developer’s attempt to seize control of the project’s social media accounts and demand a significant portion of their treasury, swift identification led to the promise of legal action against the perpetrator. To keep the community informed, the team created new official social media handles and accounts. Fang reiterated that Remilia’s reserves were untouched and assets were secure. She expressed a firm resolve to pursue the culprits legally, emphasizing the damage inflicted on their team and the community that trusted in their vision.
She stated, “Needless to say those who threatened the blessed kingdom of Remilia for mere financial gain will face a dramatic and just retribution without sympathy…This was violence not simply on my team, but on my world and my people…For such viciousness, I can give no quarter—the individuals involved have been terminated from Remilia Corporation, and will now be dealt with through the heavy hand of the law.” The individuals implicated in the incident have been expelled from Remilia Corporation, and legal proceedings have commenced. The incident has sent ripples through the NFT sector.
The floor price of Milady Maker fell by 12.1% within the last 24 hours, and a significant sell-off of the collection was observed, with sales surging by 333.9%. The daily volume on various exchanges like Open Sea and Blur also experienced significant declines. Other blue-chip NFT collections, including Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), saw their floor prices drop by 7.4% and 3.7%, respectively, within the last 24 hours.
